Greece to List Athens International Airport on Stock Exchange Next Year

Shareholders of the airport have given their approval for the sale of a 30% stake currently owned by the privatisation agency HRADF. Originally planned for the first half of this year, the sale will now proceed in the beginning of next year.

A senior official from HRADF revealed that a memorandum of understanding has been signed, allowing Germany-based manager AviAlliance to acquire an additional 10% stake, while the remaining 20% owned by HRADF will be sold through an initial public offering (IPO) and listed on the Athens Stock Exchange. Greece has been working to divest stakes in various sectors, including ports and energy companies, in order to enhance competition and reduce debt, which still remains the highest in the euro zone. Despite facing a decade-long financial crisis and multiple international bailouts, Greece has made progress in fixing its finances and its economy has outperformed its European counterparts.

It recently regained an investment grade credit rating after 13 years, although not from one of the three major ratings agencies. The government aims to achieve its fiscal targets, regain investment grade ratings from all agencies, and further reduce public debt. Additionally, Athens is on track to achieve a primary budget surplus of 0.7% of GDP this year, as outlined in its 2023 budget. The government has also announced measures to tackle the shadow economy, including legislation to make the use of digital payments mandatory for property purchases.

While progress has been made in tax collection, Greek central banker Yannis Stournaras noted that tax evasion remains a serious problem.